Massachusetts Attorney General Martha Coakley stands by her decision to reject a ballot proposition to repeal the state’s 2011 casino legislation. (Image: AP Photo/Elise Amendola)
Opponents of casino gambling in Massachusetts have been war that is waging the expansion on every battlefront possible. They’ve had wins and losings across the state, but they’ve always made their case. Now, they’re hoping that the court that is highest in Massachusetts can give them one final possiblity to place the problem before voters.
The Massachusetts Supreme Judicial Court heard arguments week that is last the concern of whether a measure to repeal the 2011 casino law can show up on the statewide ballot in November. The move would really produce a referendum on whether casinos could be built one that could disrupt the method also if it was to ultimately fail.
State Believes Implied Contracts Will Be Violated By Repeal
That disruption had been one associated with main arguments made by lawyers for the state, including Attorney General Martha Coakley, whom rejected the petition because she felt it had been unconstitutional. According to Coakley, such a repeal would cause damage to the ‘implied agreements’ between casino license applicants and the state gambling commission. She argued that those contract rights would be illegally recinded with no payment for the casino businesses.
Coakley made remarks at a break fast forum in Boston that further explained her position.
‘It is clear that although the founders wanted the individuals to own options other than their elected representatives in the home and Senate they also restricted those occasions by which they did, understanding that there is an orderly way in which business of this people does move forward,’ she stated.
Advocates Declare State Can Change Direction
Issue of how the state could back out of simply agreements with casino companies ended up being a heated subject during dental arguments. In particular, Justice Robert Cordy had concerns about how a repeal would affect the Penn nationwide Gaming slots parlor in Plainville, which has already been awarded a license.
‘So a five-year exclusive license that has already been awarded after a thorough process outlined by the Legislature, at great expense to the applicant, can simply be studied away by having a big never mind?’ he asked Thomas O. Bean, an attorney if you want a repeal vote in the ballot.
‘Yes,’ Bean reacted.
‘They can perform this without compensation…for most of the investments that were made at the support for the Legislature?’ Cordy asked later in the questioning.
‘That is proper,’ Bean said.
While that might sound flippant, Bean’s argument had been that taxpayers weren’t obligated to compensate the firms if the continuing state changed its mind about the future of casino gambling. He additionally said that the casino teams have actually known there was a repeal effort was ongoing since the law was passed, and that the possibility was certainly one of the known dangers they entailed if they began investing into the state.
Assistant Attorney General Peter Sacks outlined another possibility: that the gambling payment has the energy to merely reject every application and not award any casino licenses.
‘But that doesn’t mean the procurement process can be just canceled at the center after everyone else has invested an amount that is substantial of,’ he included.
A final decision is anticipated from the court this summer, likely timed to ensure the question can appear on the ballot if it really is approved. While some of the questioning may have suggested doubt from the justices concerning the repeal, even people who strongly believe it will perhaps not be on the ballot admit they are no outcome that is certain.
‘ This is a relevant question that I think is close,’ Coakley said. ‘I think the court could agree I don’t have tea leaves on this. with us, but’
Arizona Will Allow Account Wagering for Horse and Puppy Racing
New legislation will allow Arizona residents to bet on horse races by phone. (Image: AZRacing.gov)
As soon as we talk in regards to the Unlawful Web Gambling Enforcement Act (UIGEA) or the Wire Act, we often act as though these measures affect various types of interactive betting equally. But the reality of the problem is far different.
This has for ages been true that horse and dog racing along with state lotteries are exempt from many of the regulations that stifle other online and phone-based gaming enterprises, as a result of particular exceptions in these laws. And that means that while getting any other form of remote betting passed is really a struggle at the best of times, innovations happen in the dog and horse racing industries all the time.
Just week that is last Arizona Governor Janice Brewer signed an item of legislation in order to allow advance deposit wagering (ADW) at horse and greyhound races across her state. This will allow Arizonans to place bets from their houses, an enormous expansion for hawaii’s parimutuel industry that is betting.
Previously, wagers for such races had been only taken during the tracks or at any of 62 licensed off-track facilities that are betting their state.
Bill Does Not Authorize Online Betting
But while the move will make casino-bonus-free-money.com it easier for gamblers in the state to put bets on races any time they like, Governor Brewer made it clear that this just isn’t an authorization of Internet gambling in every way.
‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the bet must be put over the telephone,’ Governor Brewer wrote in a page to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and cannot be construed as authorizing Internet video gaming.’
If which weren’t clear enough, area 10 of the bill clearly remarks that the intent of the bill just isn’t to allow for betting within the online.
It was also important to Brewer that the bill did not affect standing agreements between the state and also the Native American tribes that run gambling operations there.
‘There can be an unequivocal consensus that this bill does not impact nor cause any problem relating to the Arizona Tribal-State Gaming Compact,’ the governor wrote.
Bill Designed to Aid Racing Industry
The legislation had been spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea ended up being to generate an influx of additional money into the race industry, a move that officials hope will keep racing that is live and well in the state.
‘[The bill] doesn’t authorize any brand new or form that is different of,’ Racy said. ‘It simply recognizes that the world is changing on how that occurs.’
So that you can use the new ADW system, customers would have to transfer cash in to a account that is special. After they did so, they may then only use the funds in that account to wager on races using place at participating songs.
Betting by phone won’t take place immediately. Arizona’s Department of Racing will need to come up with rules before the operational system can get live, and that will take some time. But, you can find hopes that sporting fans could be placing bets from home as early as this summer.
While Governor Brewer did approve a lot of the bill, she exercised her line-item veto to hit one provision. That section of the bill would have appropriated $1.2 million towards the Arizona Breeders’ Award Fund and the County Fair Racing Fund.
Caesars Entertainment Restructures Mega-Debt
Caesars’ present debt load outstrips the City of Detroit; the casino operator now plans to reapportion some of that.
It can be the most famous gambling empire in the world, but Caesars Entertainment’s financial obligation levels currently outstrip those associated with bankrupt city of Detroit.
Within the week that the business announced its first quarter earnings, Caesars also announced that it might be restructuring its debt that is colossal stands at $23 billion, a gaming industry all-time high.
Caesars will offer $1.75 billon in new debt to redeem its current maturities for 2015, and will sell 5 % of Caesars Entertainment Operating Company to investors that are undisclosed. And while the restructuring won’t reduce any of this company’s long-term debt, it shall get rid of more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.
Caesars is already facing a lawsuit from two unnamed bondholders, which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.
The move had been predicted early in the day last week by Moody’s Investor Services analyst Peggy Holloway, who stated the business could have to restructure to be able to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this present year, and $2 billion next year.
‘ Recent asset sales by Caesars’ private equity sponsors are weakening the tactile hand that creditors brings to the table within the casino business’s inevitable restructuring,’ Holloway said. ‘ The asset is being reduced by the transactions base underlying the financial obligation, that will likely lead to much deeper losings for lenders and bondholders upon a standard.’
However, Caesars chairman and CEO Gary Loveman said the strategy would ‘lay the foundation for both de-leveraging that is significant value creation at Caesars Entertainment.
‘Upon completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, providing Caesars with additional stability to execute its business plan,’ he included. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity along with liability administration and financial obligation decrease initiatives.’
When discussing news that is dubious use the biggest words possible. Well-played, Gary.
Caesars additionally said it was had by it sealed the deal regarding the sale of Bally’s, The Cromwell and The Quad to Caesars Growth Partners, with Harrah’s New Orleans likely to follow in early summer. The four properties were valued at $2.2 billion, with $185 million in assumed debt.
‘The transaction was created to ensure access that is continued Caesars and every associated with properties offered to the Total Rewards network along with other Caesars resources,’ Loveman stated.
Caesars acquired most of its debt when it was taken personal in 2008, after a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, along with its 50 casinos across the usa, was struck the most difficult. Posting its first quarter results immediately after the restructuring announcement, Caesars said it lost $386.4 million in the quarter that ended March 31, a loss of $2.82 per share. The company lost $217.6 million, or $1.74 per share in the corresponding quarter last year.
‘ Las vegas, nevada remained a spot that is bright strength into the hospitality categories, but regional company trends were unfavorably impacted by extreme weather and softness in visitation in initial quarter,’ said Loveman.